SOCAR announces Azeri-Chirag-Guneshli production volume

Around 345 million metric tons of oil and 100 billion cubic meters of gas have been extracted since the beginning of developing the Azeri-Chirag-Guneshli block of oil and gas fields, SOCAR first vice-president Khoshbakht Yusifzade said at the international conference "Caspian shelf" in Baku Sept. 9.

As of September 1, 2014, around 185 million metric tons of Azerbaijan's profit oil was sold.

Yusifzade said that around 22.3 million metric tons of 32.7 million metric tons of oil extracted at the ACG block accounted for Azerbaijan's profit oil in 2013.

"The average daily production volume at the field is 90,000 metric tons of oil and 35 million cubic meters of gas," he added.

The contract on Azeri-Chirag-Guneshli large offshore field development was signed in 1994. The term of the agreement is 30 years. The proved oil reserves in this block are about 1 billion metric tons.